Gravelly, Arkansas Property Taxes
The median property tax rate in Gravelly, Arkansas is 0.77%, which is notably lower than both the national median of 0.99% and the Arkansas state median of 0.84%. With the median home value in Gravelly at $44,200, the typical annual property tax bill is $320, considerably less than the national median of $2,690. Property taxes in Gravelly are calculated based on the assessed value, which often falls below the market value due to various exemptions, including those for primary residences and agricultural properties. Understanding Gravelly's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Gravelly or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Gravelly, Arkansas Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.77%
Estimate Property Tax Bill
$340
$316
Ownwell’s Gravelly Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in Gravelly with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Gravelly to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Gravelly, Arkansas
Property taxes in Gravelly, Arkansas, play a crucial role in funding essential local services such as public schools, road maintenance, and emergency services. The median tax rate in Gravelly is 0.77%, which is lower than the U.S. national median of 0.99%. Local government entities within Gravelly set these rates annually, and they can vary significantly across different neighborhoods. Each year, Gravelly estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. Understanding how Gravelly's effective property tax rate compares to other areas provides valuable insights into the varying tax landscape across Scott County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Gravelly Tax Rate
0.77%
Average Scott County Tax Rate
0.77%
Average Arkansas Tax Rate
0.84%
Average United States Tax Rate
0.99%
Property Tax Rates Across Gravelly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72838 | 0.49% | 0.60% | 0.77% | 0.77% | 0.77% |
Source: Ownwell
Property Tax Assessment Values Across Gravelly, Arkansas
In Gravelly, Arkansas, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Scott County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Gravelly, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Gravelly helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code 72838 has the highest and lowest median tax bill at $320.
Average Gravelly Assessed Value
$44,200
Average Scott County Assessed Value
$49,950
Average Arkansas Assessed Value
$113,950
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Gravelly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72838 | $22,730 | $30,600 | $44,200 | $89,300 | $106,990 |
Source: Ownwell
Property Tax Bills Across Gravelly, Arkansas
In Gravelly, property tax bills are determined by assessing the value of a property and applying the local tax rate. The median home price in Gravelly is $44,200, which serves as the basis for calculating property taxes. Homeowners in this city can expect their property tax bills to vary significantly depending on their property's assessed value and the specific tax rate applied by Scott County. For instance, the 25th percentile tax bill is $164, indicating that a quarter of homeowners pay this amount or less, while the 75th percentile tax bill is $608, meaning three-quarters pay this amount or less. At the 90th percentile, the tax bill rises to $807. These figures illustrate the range of property tax burdens residents may face. Compared to the national median property tax rate of 0.99%, Gravelly's property tax bills may seem relatively modest. However, the impact on homeowners can still be significant, particularly for those with lower-valued properties or fixed incomes. Understanding these factors helps homeowners anticipate and manage their annual property tax obligations.
Average Gravelly Tax Bill
$320
Average Scott County Tax Bill
$385
Average Arkansas Tax Bill
$877
Average United States Tax Bill
$2,690
Property Tax Bills Across Gravelly, Arkansas
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 72838 | $150 | $164 | $320 | $608 | $807 |
Source: Ownwell